Chapter 2 - Chapter2 19:44 Economics: goods&...

Chapter 219:44Economics: The study of how society chooses to employ resources to produce goods & services and distribute them for consumption among various competing groups & individualsMacroeconomics: The part of economics study that looks at the operation of a nations economy as a wholeMicroeconomics: The part of economics study that looks at the behavior of people and organizations in particular marketsResource Development: The study of how to increase resources and to create the conditions that will make better use of those resourcesInvisible Hand: Describes the process that turns self-directed gain into social and economic benefits for allCapitalism: An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit.Under free-market capitalism people have 4 basic rights:1. The right to own private property2. The right to own a business and keep all the profits3. The right to freedom of competition4. The right to freedom of choiceSupply

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